Pakistan Steel Mills Joint Employees Action Committee on Tuesday urged the government to appoint professional management and end the interference of political groups to make the country largest steel producing plant as profitable entity. Addressing a press conference here at Karachi Press Club, acting convenor of the committee, Aalamdar Raza, said that Pakistan Steel Mills was at the verge of collapse and immediately needed billions of rupees for procurement of raw material.
He said that if the government didn't take immediate measures for revival of the country's largest steel plant, it will be shutdown and closure of PSM would be a big tragedy for the engineering industry. "PSM management presented a five year business plan, which was accordingly endorsed by the Public Sector Enterprises' revival committee headed by Prime Minister and approved Rs 11 billion as bail out package for PMS. However, he said, the approved amount was not properly delivered to PSM. Non implementation of the bail out package resulted in shortage of raw material, he added.
"Presently, PMS production has dipped to 14 percent and it is facing daily losses of Rs 50 million," he informed. Professional management without any political influence and availability of funds for procurement of raw materials like coal and fine ore are the only solution, he said. On the occasion, Nazir Jan, Mirza Maqsood, Rana Muhamamd Hanif, Khalid Mughal, Chaudhry Muhammad Afzal, Rehman Mehmood and Chaudhry Muhammad Yaseen were also present.